Monday, November 13, 2017

This is How Socialism and Hyperinflation is Destroying Incomes in Venezuela

The monthly minimum wage in the socialist country of Venezuela has crashed incredibly to under four dollars a month as hyperinflation continues to crush the country’s shattered economy.

Despite dictator Nicolás Maduro’s five minimum wage hikes over the course of 2017, the monthly minimum wage of 177,507 bolivares is equivalent to $3.41, working out at just over two cents an hour, according to latest real value exchange rates.

Venezuelans also receive a monthly food ticket of 279,000 bolivares a month, bringing people’s total monthly income to around approximately nine dollars a month.

Maduro confirmed last week that the government would debut a new 100,000 Bolivar bill, making it the highest denomination note released in modern Venezuelan history. The move comes less than a year after he released 500, 1000, 2000, 10,000, and 20,000 bolivar notes, although all of these notes now all have a value of well under half a dollar.